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Prosafe SE: Contract and tender status update - January 2023

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Contract update

The fleet utilisation rate in the fourth quarter of 2022 was 56.1 per cent (Q4 2021: 59.3 per cent), with five out of seven vessels operating at some point during the quarter.

Safe Zephyrus completed its contract with bp at ETAP in the UK North Sea on 21 December 2022. The vessel is currently enroute to Las Palmas, Canary Islands, for a short yard stay prior to mobilizing to Brazil for contract commencement with Petrobras on 1 May 2023. The value of the 650-day contract is approximately USD 73 million (equivalent to USD 112,500 per day).

On 25 May 2022, Safe Eurus was awarded a four-year contract with Petrobras with planned start-up in February 2023 following from the expiry of the current contract. Safe Eurus is expected to be off-hire for approximately 30 days in April/May 2023 for Petrobras contract compliance works and hull cleaning. Prosafe will execute the vessel’s next SPS, originally scheduled for 2024, in the same period to avoid additional future off-hire.

Safe Notos is expected to be off-hire for approximately 30 days in May 2023 for Petrobras contract compliance works and hull cleaning.

Safe Concordia remains laid up in Curaçao pending start of the upcoming project in the US Gulf of Mexico. The client has informed that the commencement window is now July through September 2023. The firm contract duration is 330 days with up to six months of options. The value of the firm period is approximately USD 33 million. A standby rate of USD 28,000 per day has been agreed for the period from 1 August until the latest commencement date now of 30 September. The value of the six option months is a total of USD 19 million.

Safe Caledonia is laid up at Scapa Flow in the UK pending future work.

Safe Boreas is laid up in Norway pending future work.

Safe Scandinavia is laid up in Norway and is being marketed broadly.

Tender update

Prosafe recently participated in a Petrobras tender for 450 days. Prosafe was ranked fifth in the tender. The outcome of the tender remains subject to finalization of the Petrobras tendering process.

Prosafe is participating in the following tenders:

YearFirm durationOption(s)RegionExpected completion
20244 months4 monthsUKSemi-submersible
20253 months2 monthsNorth AmericaSemi-submersible

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com

Stavanger, 19 January 2023
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Reese McNeel, CFO
Phone: +47 47 51 64 25 17 / +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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